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July 10, 2024

Paramount and Skydance Media Announce Merger Agreement

The combination will give Paramount access to Skydance’s in-house animation studio, led by pioneer John Lasseter, which will expand Paramount’s animation capabilities as well as consumer products opportunities over the long-term.

LOS ANGELES and NEW YORK, — In a significant move that will reshape the entertainment industry, Paramount Global and Skydance Media have signed a definitive agreement to merge. The resulting entity, dubbed “New Paramount,” aims to become a world-class media and technology leader.

Investment and Acquisition:

·       Skydance, along with its private equity partners, will invest over $8 billion in New Paramount.

·       The Ellison Family and RedBird Capital Partners will acquire National Amusements, Inc., which holds the controlling share stake in Paramount.

·       David Ellison will serve as Chairman and Chief Executive Officer of New Paramount.

·       The team plans to reposition Paramount for improved profitability and independence while investing in digital platforms.

·       New Paramount will focus on delivering top-quality content through wholly-owned direct-to-consumer platforms like Paramount+ and Pluto.

·       The merger aims to enhance and reinvigorate the Paramount and CBS brands.

·       Skydance equity holders will receive 317 million Class B shares valued at $15 per share.

·       Paramount Class A stockholders will receive $23 per share in cash/stock election.

·       The per-share cash election represents a 48% premium to the Class B stock price as of July 1, 2024.

·       Paramount Class B stockholders can participate in New Paramount’s long-term value creation.

The merger, subject to regulatory approvals, positions New Paramount as a creative-driven destination for storytellers, powered by cutting-edge technology. Industry watchers eagerly await the impact of this transformative deal on the entertainment landscape.

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